Simon has also assumed management responsibilities for the mall.
Concurrent with the closing, which occurred on Oct. 1, the partnership secured a $200 million, 7 year mortgage from Lehman Brothersthat bears interest at a fixed rate of 6.50%.
Fashion Valley has dominated the San Diego-area retail scene since itopened in 1969. Located in the Mission Valley area, the 1.7 million sfopen-air, super-regional mall is anchored by Neiman Marcus, Nordstrom,Saks Fifth Avenue, Macy's, Robinsons-May and JCPenney.
One of the nation's most successful retail centers, Fashion Valley is99% leased and generates small shop sales in excess of $575 per sf. Total sales generated by the mall exceed $650 million annually.
Lend Lease's Prime Property Fund has held an ownership stake in FashionValley since 1985. In 1997, the mall was renovated and expanded by280,000sf to its current size.
"This transaction benefits Prime Property Fund investors in severalways," says Gene Conway, president of Lend Lease's Real Estate Advisorsgroup and co-portfolio manager of Prime Property Fund. "The Fund retainsa major stake in one of the country's premier shopping centers, whilereconfiguring its portfolio."
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